Page 139 - Real Estate

The great banking rescue of a doomed realty project

India's highest court and the lenders, backed by the banking regulator, are involved in a unique experiment to revive a project and save unsuspecting homebuyers

Co-working firm Smartworks leases 0.5 mn sq ft space in Gurugram, Noida

Co-working firm Smartworks has taken on lease 5.3 lakh square feet office space in Noida and Gurugram to cater to rising demand of flexible work space from corporates. Founded by Neetish Sarda and Harsh Binani, Smartworks provides managed office space to enterprises. It is present in 12 cities with a portfolio of around 80 lakh (8 million) square feet. The two new centres, located at Golf Course Road in Gurugram and Noida Sector 62, will be operational in June-July. With the addition of these two properties, Smartworks office space portfolio has crossed 10 lakh (one million) square feet in Delhi-NCR. The upcoming office space at Golf Course Road is spread over 2.3 lakh square feet, while 3 lakh square feet flexible space will come up in Noida, Sector 62. "While the hybrid work model continues, the major cities in India are seeing a steady rise in demand for physical office spaces as employees are more interested to return to office. We will continue to expand across major location

Godrej Properties aims to sell record Rs 14,000 cr in FY24: Pirojsha Godrej

Godrej Properties expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand, a top company official said. In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej highlighted that the company's performance in 2022-23 was very strong on all important metrics like sale bookings, cash collections from customers, completion of projects and addition of new land parcels for future developments. He said the sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore and almost all were housing properties. Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet, he said. Asked about the targets for current year 2023-24, Pirojsha said: "We have set a target of Rs 14,000 crore worth of sale bookings for now. We will hopefully do better than our annual sales guidance." The cash collection target has been set at Rs 10,000 crore for

Realty estate index dips marginally in Jan-Mar but still positive: Report

The sentiment index for the real estate sector dropped marginally in the January-March period but remained positive, according to Knight Frank India and NAREDCO. In its 36th edition of Real Estate Sentiment Index Q1 2023 (January-March), real estate consultant Knight Frank and industry body NAREDCO said that the current sentiment score, while safely within the optimistic zone, has seen a marginal dip from 59 in December 2022 quarter to 57 in Q1 2023. This is mainly on account of stakeholder perception of the global recessionary environment and the risk of a future global downturn still exists, it said. The sentiment index is based on the survey of supply-side stakeholders like developers, investors and financial institutions. The score of above 50 indicates 'optimism' in sentiments, a score of 50 means the sentiment is 'same' or 'neutral'. The score below 50 indicates 'pessimism'. The Future Sentiment Score has increased from 58 in Q4 2022 to 61 in Q1 2023 on account of the resilie

Macroeconomic factors, better consumer confidence push industry optimism up

However, most Indians now expect residential prices to increase in the next six months

U'khand govt to introduce an ordinance to tighten laws for buying land

The Uttarakhand government will soon introduce an ordinance to tighten the laws for buying land in the state to prevent people with criminal antecedents from making such purchases, sources said on Friday. According to the proposed ordinance, the background of prospective buyers and their purpose of making the purchase will be thoroughly examined before they are permitted to do so. However, there is no clarity yet on whether the ordinance will apply only to prospective land buyers from outside Uttarakhand or those from within the state too. Chief Minister Pushkar Singh Dhami has moved a proposal on the matter at a Cabinet meeting here recently and was authorised by the ministers to bring such an ordinance, official sources said. The move comes close on the heels of Dhami expressing concern over "land jihad" in Uttarakhand. At a function in Kaladhungi in Nainital district last month the chief minister claimed that more than 1,000 acres of land have been "grabbed" in the state under

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Safeguards for project-wise insolvency in real estate on the cards

The MCA said such projects will be recognised as distinct from the larger entity for the limited purpose of resolution

TVS Emerald, Columbia Pacific to develop senior living project in Chennai

Real estate developer Emerald Haven Realty Ltd (TVS Emerald) has partnered with senior citizen living community operator Columbia Pacific Group to develop and operate a senior living residential project in the city, company officials said on Wednesday. The project would consist of approximately 250 homes built on a 2.7-acre plot in Thaiyur in neighbouring Chengalpet district. "This is a 50:50 joint venture. We bring the development skills and they are bringing senior living expertise," TVS Emerald president and chief executive officer Sriram Iyer told reporters. According to company officials quoted in a joint statement, the senior living segment in the country is valued at about USD 10 billion and it is growing at a compounded annual growth rate (CAGR) of 10 per cent post the covid-19 pandemic. The project would be designed as per international standards to offer complete solutions to the needs of senior citizens, Iyer said. The launch of the project is planned in 2024 and it wou

Godrej Properties sees 15% rise in FY24 bookings value after Q4 profit jump

The company expects bookings of 140 billion rupees for the current fiscal, higher than the 123.32 billion rupees in fiscal 2023, which beat its own forecast

Housing prices increase sharply in Q1CY23, see an average 7% YoY jump

A report by PropTiger.com said that all the markets covered in the analysis showed an upward movement in average rates of new homes

Real estate demand firm, retail leasing up by 130% YoY: CBRE Report

High-ticket projects that cost Rs 1.5 crore or more would continue to see high-demand. The impact of rising home loan interest rates is likely to be limited

E-commerce giant Flipkart opens 4 lakh sqft fulfillment centre in Telangana

E-commerce giant Flipkart on Tuesday launched a new fulfillment centre (FC) at Sangareddy in Telangana about 60 km from here. The new fulfillment centre was inaugurated virtually by KT Rama Rao, Minister for IT and Industries in the presence of Jayesh Ranjan, Principal Secretary (IT) and Kalyan Krishnamurthy, CEO, Flipkart Group. Spread over four lakh sq ft, the FC will further Flipkart's commitment to India's digital commerce evolution by empowering local sellers, employable youth, and customers while making e-commerce more inclusive and accessible. Krishnamurthy said the Sangareddy facility is the largest one in Telangana and it would create new livelihood opportunities and for thousands of people and help small businesses. He further said Flipkart currently has six fulfillment and sorting centres and close to 100 distribution hubs in Telangana with over 14,000 sellers collectively contributing to 40,000 direct and indirect job opportunities. Minister Rama Rao suggested the Fl

Companies, startups more inclined towards coworking spaces: Anarock

In the top seven cities in India, there was a 90% jump in net coworking space absorption between Q4FY19 and Q4FY23

Real Estate, BFSI hiring in India continued to grow in April: Report

Among the large metros, Kolkata, Pune, and Hyderabad exhibited recruitment surges of 28 per cent, 22 per cent, and 19 per cent, respectively, in hiring for the real estate sector

Jaiprakash Associates defaults on $508 mn loan repayment due on Mar 31

The flagship company of the infrastructure-focused Jaypee Group has borrowings of Rs 29,396 crore, which are due for repayment by 2037, it said

Properties registration in Mumbai set to fall in this month: Knight Frank

Registration of properties in the Mumbai municipal region is set to fall this month as 9,867 units have been registered so far against 11,743 units in April last year, according to Knight Frank India. Till 12 noon on Friday (April 28), 9,867 properties have been registered. The registration process will continue till late evening, after that there is a holiday for the next two days. The numbers are expected to rise and may cross 10,000 units this month. In April 2022, 11,743 properties were registered in Mumbai City, which is an area under the jurisdiction of Bombay Municipal Corporation (BMC). "The decline was largely led by two reasons, firstly a base effect as April 2022 observed a spillover of registrations from the previous months, with 17 per cent of properties registered in April 2022 were filled in March 2022. Secondly, a seasonality impact as in the last 8 out of 10 years, the month of April witnessed a dip in registrations against the March of that year," Knight Frank sai

Sunteck Realty sales bookings jump 23% at Rs 1,602 crore in FY23

The firm's sales bookings stood at Rs 537 crore in the fourth quarter of the last financial year (Q4 FY23), up 36 per cent on QoQ basis

Office space absorption at 14 mn sq ft in Q1 2023, falls 11% YoY: Study

Bengaluru, Delhi-NCR and Chennai together account for two-thirds of quarterly demand

Enter longer-duration lease to control hike in home rental rates

Go for house purchase if EMI doesn't exceed 40 per cent of net salary; ensure financial resilience with 12 instalments in emergency fund